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“Naturally, when there is semi-easy capital available, it can affect behaviour towards accessing this capital.But I’ve talked with dozens of startups here in Finland and I’m confident none of them exist because of Tekes’ support.

First there’s money for research and development, then there’s the funding for scalable businesses ready to go global (which can exceed €1 million).

Critics suggest that Tekes’ generous funding model is scaring away these potential investors.

he feels there is no incentive for investors to get involved with FInnish startups when they have such strong support available from the state.

“The whole concept of our funding model is that we are quite liberal early on” continues Häyrynen.

“We don’t want to spend time learning about the business opportunities behind a given topic.

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Rather, my interpretation is that these businesses just have much better possibilities to succeed because this money is available.” for larger, more internationally minded investors.

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